There’s a lot of information out there when it comes to web3, however, the majority of the information out there can lack the inside knowledge that Alex Garcia holds. In Episodes 4 AND 6 of the Nephology Podcast, Joe David jumps into two separate interviews with Alex Garcia.
The podcast mainly dives into discussing the pain points, surrounding web3, from licensing and marketing, with a little bit of business development thrown in at the end.
This article in particular delves into the podcast itself and provides you with an outline and insight into the world of web3 pain points.
To listen to the full podcast, feel free to search on all relevant platforms: Nephology.
What Is Web3?
As we’ve already mentioned, Web3 is the next generation of the world wide web. The web that we’re currently used to is Web 2.0, but within the next few years, most websites will likely be built on Web 3.0.
One of its key features is that, like crypto, it’s aim will be to be decentralized, meaning that people will have ownership of their own data and won’t have to share any information unless they choose to. In fact, much of Web 3.0 is being built on the Ethereum blockchain currently.
While many Web 3.0 technologies are still being developed, the new iteration of the web promises to be more intelligent in it’s understanding and capabilities.
In essence, it’s an exciting technological advancement with a big future.
Through his work, Alex Garcia has helped various brands enter the Web3 space in a host of different ways, such as by helping them create and distribute their NFTs while providing insights and analytics.
Web3 The Pain Points
To note; the following outlines three main pain points Alex has faced when entering the web3 space. There can be many positives and negatives to the space, just like anything in life, of course for a more in-depth understanding, make sure to listen to the episode in full or contact Alex or Joe directly.
With any new technology, there are often many pain points that innovators behind the scenes have to overcome before it can be adopted into mainstream use.
Through his experience working with Metabyte to expose brands to Web3, Alex has gained a unique insight into Web3 and its current pain points.
1. Project Management in Web3
Before you think, I know how to manage a project…yes, of course there are the likes of Trello, Notion and the rest, but what Alex means when it comes to project management is distributed systems, or distributed teams.
Distributed systems is key when it comes to expectations, team alignment, values, mission and vision, not to mention accountability, incentives and payments.
When there's a fuzzy hierarchy across across the board, it can be very difficult, which is why it’s incredibly important to implement distributed systems from the get go.
Alex goes on to state:
“I believe there is benefit in having the stake in the ground when you're starting off a project, where you can emerge with some level of immunity, immutability, manage all these different things…
What are the expectations of each entity in this project? What happens if they achieved these expectations and what happens if they don't?”
2. Licensing in Web3
Licensing in Web3 is pretty hit or miss, in fact there are some prevalent names in the space who have some touch and go licensing. If you’re looking to enter the NFT, crypto or web3 space as a whole, licensing should be something you take seriously.
There are two big assets when it comes to licensing.
One is distribution.
The other is royalties.
Licenses are attached to NFT metadata, and the reason your licensing should be stronger is due to how others can then utilise your asset once you have released it into the space.
This can be especially important when it comes to music based NFT, as if licensing is poor on first release, it could impact the artist when it comes to receiving money through royalties.
Alex states that when he first ventured into the space, the idea of licensing on chain was incredibly exciting, having unchained smart contracts that can execute things based on what happens in the real world. However, the licensing still relies on centralised market places, something that could be easily forgotten.
Therefore, when it comes to licensing within web3, this can be a sticky area and Alex would recommend seeking advice before venturing out with a poor licensing agreement.
Marketing in Web3
When it comes to marketing in this space, like with most things in life, it can come down wot who you know when marketing different token economies.
Alex states that when it comes to marketing in the web3 space, it can be a little bit like swimming through murky waters.
From ‘underground’ alpha groups to huge crypto and NFT whales that have huge holdings and can basically move the market themselves. Additionally to that you have influencers with huge followings that can influence what their audience is investing in.
Therefore when it comes to marketing, it can be a little testing, especially if you’re new within the space.
Alex suggests that sometimes the simplest thing would be to work on getting into these different groups, understanding how they work, and using your best course of judgement to take action without utilising market manipulation.
Alex and Joe dive into 3 main areas of web3 pain points, to conclude the podcast they begin discussing the world of starting a business, utilising an accountant and throwing in all types of analogies including Nandos chicken burgers, quarterbacks and more.
To listen to the full episodes, click here.